Zimbabwe’s central bank announced the demonetization of the Zimbabwe dollar will occur from June 15 until the end of September, according to China’s state-run newspaper, Xinhua. …

The process will expunge Zimbabwean notes from the country’s banking system, which now includes a combination of US dollars, South African rands, and Botswana pulas, in an effort to move past the horrific episode of hyperinflation that occurred in 2008. While the official inflation figure during that time was recorded at 231,000,000%, others have suggested the actual inflation rate was greater than 4,000,000,000%.

If you put your faith in Zimbabwe’s currency, don’t worry. The same government that destroyed that currency will make good on it. Of course, you might have to take a slight loss…

Xinhua reports that any bank account holding between zero and 175 quadrillion Zimbabwe dollars will receive a flat $5 payment. Meanwhile, Zimbabweans who hoarded bills at home will receive a rate of 250 trillion to $1 for their 2008-issued notes and 250 to $1 for their 2009-issued notes.

by Sir John Hawkins

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Zimbabwe’s economy fell into a hyperinflationary spell under the leadership of dictator Robert Mugabe, who has been the country’s President since 1987. Mugabe’s economic policy sent the Zimbabwean economy into a tailspin as he implemented price controls and printed endless amounts of money. He was quoted as saying, “Where money for projects has not been found, we will print it.”

Fortunately our own leader, although very similar to Mugabe in his socialist, antineocolonialist ideology, has a different slogan: Where money for entitlements has not been found, we will borrow it.

In the USSA, the printing won’t go into overdrive until the Chinese stop lending, which will happen as soon as they figure out that our government has borrowed more than it could ever pay back without hyperinflating the currency Zimbabwe-style.